seems realistic to me and you are also thinking the right things through. Don’t forget things like furniture, kitchen, etc. and don’t let the extras get out of hand, then it will work out.
Borrowing 450k with around 5k salary is doable, but in the long run definitely extremely stressful. Especially since your professions don’t offer any bonuses or extra income from some "Nebenbeijobs" or similar.
It wouldn’t be for me, as I have other interests besides the house and more keep coming up.
Nevertheless, good luck with your decision-making.
We did that... With child on parental leave approx. €5200 With child and 50% (w) approx. €5250 With two children and parental leave approx. €5300 So there is always about €1500 (1 child) to €900 (2 children) left after deducting all costs, if I calculate one child flat-rate at approx. €500 monthly. For the second child, however, I have already included my higher salary level. In terms of income, we are still at the first experience levels. Salary increases are contractually set every 3-4 years for us. Due to pregnancy/parental leave, my wife is of course set back before she reaches the next level.
Yes, 40% just goes directly for the house. You have to like that. You have to decide.
Did I understand correctly, you have bullet loans? I would think twice about that, you pay interest on the full amount all the time, and what you save up usually doesn't yield (hardly any) interest. Get offered a plain vanilla annuity loan. Otherwise, I find that solid. Secure the land and go!
Did I understand correctly that you have bullet loans?
Yes, that was an offer from a private health insurer. My wife and I had a meeting yesterday at a red bank, which also made an interesting proposal.
In short: variable credit until summer 2020 for the purchase of the land (only pay interest and continue to save equity for 9 more months). Then refinance this through a combination of the NRW.Bank (1.5% over 30 years up to 50% of the total investment) + an annuity loan from the bank (15 years at 1.3% interest). The rate would then be 1560€ cold. This would, even if the interest rate rises to 4.2% in 15 years, lead to a monthly total burden of max. 1600€ cold. In this case, we would have a similar - albeit slightly lower - rate, but of course about 20k more available. Do you think it would make sense to take the KFW promotion (0.75%) with it? It would of course have the disadvantage that I would already need a follow-up financing after 10 years.